Research On Media Disclosure Management Behavior And Its Market Effect During Corporate Mergers And Acquisitions

With the development of economy and society,the media plays an increasingly important role in society.Especially in the capital market,media not only provides all kinds of information and disseminates information,but also leads the public opinion,mobilizes the investors’ emotion,attracts the investors’ attention,influences the judgment of the investors’ future expectation and thus affects the asset price of the company.China’s stock market mechanism is not yet perfect and made up of a large individual investors.Therefore,the degree of market rationality is relatively low,which may be affected by media reports.On the basis of this hypothesis,this paper discusses the differences between the media reports of enterprises using different payment methods during merger and acquisition,discusses the reasons for their formation,and analyzes the mechanism of the influence of media reports on corporate earnings.In addition,the paper further discusses the influence of payment methods on media management behavior of enterprises with different property rights and shareholding ratios of executives.The paper takes the M&A events of A-share listed companies from 2005 to 2016 as the research object,manually collects and organizes the relevant reports of paper media and online media,and uses this as a sample to empirically study the behavior of the company during the merger and acquisition of media.The results show that:(1)Compared with other periods,the companies’ media attention and positive reports tend to increase abnormally during M&A.(2)Compared with other companies,the performance of companies choosing share-based payment is more obvious,that is,the company has the behavior of managing media.(3)Through strategic media disclosure,the company can raise the stock price in a short period of time and reduce the number of stock payment so as to achieve merger performance.However,for a long time,the stock price will reverse due to the lack of good corporate performance support.(4)The research also found that enterprises with different property rights and industrial properties have different media management behaviors.That is,compared with other enterprises,private enterprises and high-tech listed enterprises are more inclined to media disclosure management behavior.The research contribution of this study is as follows:deepening the study of existing media reports.Relevant researches have focused on corporate media management behaviors in such fields as corporate financing and IPO.Based on the research background of corporate mergers and acquisitions,this paper explores the role of media in mergers and acquisitions,provides a new perspective for the study of media reports,extending the exploration and research field of corporate mergers and acquisitions,the existing research on the impact of payment heterogeneity on corporate M&A performance only objectively analyzes the role of corporate capital structure and equity structure.Based on media reports,this paper discusses the impact of payment heterogeneity on corporate M&A performance from the perspective of analyzing the company’s active management of media during merger and acquisition negotiations and improving the pricing of share payment,and analyzes the role of media reports.It is helpful for the understanding and supervision of the management’s behavior to the management media during the M&A.Providing a new idea of expanding channel of information disclosure for the enterprise.Traditional ways of information disclosure often use corporate information announcements as the media,and this paper demonstrates that social media can also have a strong impact on the transmission of information to assets.It also provides a new way for regulators to regulate corporate disclosure.